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The Wire

Private equity deal news and insights from the London newsroom

Mar 21, 2025

 

PE bets on ‘fragmented’ restaurant industry; Mérieux in wound care carve-out

Happy Friday! Sophie Rose here with the Europe Wire from the London newsroom. I'm covering for Irien Joseph this Friday and next.

 

It’s around five years since countries began to lockdown for the covid-19 pandemic, leading to a dive in the food and hospitality sector. Yet, judging by the string of private equity deals in the restaurant sector, it seems like the industry has more than shaken off the pandemic blues and is looking up. We’ll start with a look at recent deals in the segment, and Manuel Roumain, managing partner and co-founder at Brussels-based investment firm Kharis Capital, shares his outlook for the sector.

 

Next, we’ll look at carve-outs, a frequent topic here on PE Hub. The latest PE firm to get involved is Mérieux Equity Partners, which has acquired a majority stake in Curea Medical, a carve-out from McAirlaid’s.

 

Hungry for more

The restaurant industry is on the menu for private equity investors, with a number of deals announced recently.

 

This is not the first time that the industry has grabbed PE attention. In August last year, PE Hub covered seven deals in the food-service sector.

 

To read Kharis Capital's Manuel Roumain's thoughts on the restaurant segment, take a look at the premium Wire here.

 

Carving out

Moving from restaurants to taking a bite from a business. Mérieux Equity Partners has acquired a majority stake in Curea Medical, a carve-out from McAirlaid’s.

 

For more on the Curea deal and a wider look at carve-outs, check out the premium Wire here.

 

That’s all from me. John R Fischer will be with you in the New York morning with the US edition and Nina Lindholm will bring you the Europe edition of the Wire on Monday.

 

Best wishes,

 

Sophie

 

 

Read the full Wire commentary on PE Hub ...

Today's must reads

> 7 deals in the restaurant industry: PE eyes potential in 'fragmented' market More...
> Ambienta to grow Frigoveneta in sustainability driven refrigeration market More...
> EXCLUSIVE: Audax to acquire Lanter Delivery Systems from EGI, sources say More...
> Advent's Tricia Glynn on planning for tariffs and learning from covid More...
> Live entertainment: Experiential boom and tech advances draw private equity More...

Also of note (may require subscriptions)

 

Pantheon closes second dedicated GP-led programme on $1.1bn: The strategy is nearly double the size of its predecessor, which closed in 2021. (Secondaries)

 

PwC releases US tariffs analysis for PE industry: As tariff rates continue to evolve, it is crucial PE firms and their portfolio companies assess the impact on their business operations and supply chains, according to the financial services giant. (Private Equity International)

 

For impact-seeking investors, the future is systemic: Though a nascent area, systemic investing may hold the key to maximising the positive impact of private investment. (New Private Markets)

 

Corebridge, RMR buy Florida multifamily property for $73m: The seller, Ivanhoé Cambridge, purchased the property for just over $73m in 2021. (PERE Deals)

 

Amid a storm of uncertainty, thinking on sustainability is getting sharper: Sustainability-related initiatives are clearly focused on material, impactful, financial objectives, if comments at NEXUS 2025 were anything to go by. (Private Debt Investor)

Deals

> Mérieux Equity Partners buys majority stake in Curea Medical in carve-out More...
> Ares Management-backed IWS scoops up waste collection firm Pinto More...
> Regent picks up tech media company Foundry from IDG More...
> TA Associates backs testing and compliance solutions provider Qima More...
> Investor group led by STG co-founder William Chisholm to acquire Boston Celtics for $6.1bn More...
> Clearlake and Francisco Partners-backed Perforce buys Snowtrack More...
People
> Generate Capital taps Paul Ross as IR head on capital formation team More...
> Tikehau Capital names Emmanuel Laillier as CIO of private equity More...
> CenterSquare promotes Harshany to CMO More...

They said it

“Several key trends continue to shape investor interest in Europe. The growing adoption of AI and data analytics is transforming restaurant operations, optimizing supply chains and boosting profitability, particularly in the fast-food sector.”

— Manuel Roumain, managing partner and co-founder, Kharis Capital on the restaurant sector

 

Today's letter was prepared by Sophie Rose

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